Helping More Buyers Achieve Homeownership! FHA alternative designed to help creditworthy homebuyers with limited income in designated areas.
- Low Down Payments
- Gift funds and grants allowed for entire amount.
- Borrower does not need own funds.
- Conventional Financing
- No up-front mortgage premium.
- Reduced private mortgage insurance (PMI) premiums.
- PMI eligible for cancellation when home's equity reaches 20% (unlike FHA)**
- Flexible Guidelines
- Debt-to-income (DTI) ratio up to 50%.
- Non-borrower income considered for qualification.
THE FINE PRINT
- Homeowner Education: Required for at least 1 borrower. $75 completed prior to closing.
- Occupant Borrowers may not have ownership interest in any other residential property at time of closing.
- Notes: *1-unit properties
- Eligibility requirements, exclusions, and other terms and conditions apply.